My guesses at future update plans

Fruma is... STILL IN PROGRESS. Festivals are getting new content again, indicating that it no longer dominates dev time, but every patch adds more dialogue portraits to its quests and we're still obviously missing the entire Wastelands subplot as well as an epilogue and proper hooks as to the next story. So... that's going to be the next year, probably. Half-year at least. Yet the question remains: what's next? There's four obvious candidates:

• "Wynn Reborn". I often dream of this. Wynn is currently being spot-patched over time; many parts have been individually rebuilt (most recently Bremminglar and the Abandoned Mines), and questwise the first 30 levels are receiving substantial attention. I don't 100% like this move since it feels like it would be nicer to experience the reconstructed Wynn all at once. However, quests are not getting spot-patched to this degree, and there's massive chunks that haven't been rebuilt (all of Nemract outside of the chapel, all of Nesaak outside of the town itself, all of the Jungle, Desert, and Canyon afaik); it seems likely that the dev team will, at some point, hopefully some point soon, switch to finishing the Wynn rebuild and revamping almost every quest in Wynn to match modern content standards.
• "Ocean Reborn". The Ocean is the most jarring content right now. The builds aren't bad, but they're all very Old Wynn. Virtually every island is some gimmicky nonsense; maybe it has some mediocre quest (Dead, Ice, Volcanic, Rooster) maybe it's vaguely explorable (Zhight, Skien's, Maro), maybe it has literally nothing (Bear, Mage). Not every island's gone unworked, but it's like... just Half Moon and Fiction that are modern. This howls "on the docket for an upcoming update". However, the fact that this entire area is basically side content means that it can get ignored without anybody really caring, so it might take a while to Get Good.
• Dern. This is 100% going to happen unless Wynn's team explodes before Dern can be reached and almost certainly will be a sequel to Fruma. It will have More Lore, surely. What will actually happen in it? Unclear. It seems unlikely that it'll entail actually killing the DB - since that's a loss condition unless you kill Orpy too, and that would require a NOL2 raid, which, ??? Bad move. Two seems to think we may be able to find a resolution to the Realm War that's not one side winning, though...
• "Gavel Reborn Reborn". 1.20 redoing Gavel and adding Raids is sort of the herald of Modern Wynn - that or 1.19 w/ the SE, I guess - but it's five and a half years old and maybe aging. It mostly holds up, from memory, but there's starting to be more spot-patching (ex: Bucie rebuild) and obviously Tasim needs to be written into it to stitch together Untitled Earlygame Storyline and Fruma. Also I don't know if Olux was ever rebuilt. I don't think it was.

I suspect adding Tasim to Gavel is a moderate-size change and could go together with Wynn Reborn (especially since it's still not narratively squared how you're supposed to handle the 40-75 level range that Wynn and Gavel share; I personally handle it by skipping all Wynn content from level 50 onwards).